Oil Slips As Higher US Output Looms Despite Dip In Drilling

13/03/2018

The rising concern of another supply disaster this week can lead to bigger problems such as another oil supply glut might hit the market.

Oil market participants are looking ahead to monthly reports from OPEC and the IEA this week to see whether the agencies increase their forecasts for US crude production, according to Giovanni Staunovo, an analyst at UBS Wealth Management.

The Organization of the Petroleum Exporting Countries is breaking into two camps after more than a year of unity, The Wall Street Journal reported Monday (http://www.marketwatch.com/story/opec-unity-is-spliting-over-differing-views-on-oil-prices-2018-03-12).

US West Texas Intermediate (WTI) crude futures were at $62.22 a barrel up 18 cents, or 0.3 per cent while Brent crude futures were at $65.70 per barrel, up 21 cents, or 0.3 per cent, from their previous close.

Crude's rebound since a year ago is encouraging American drillers to pump even as they make efforts to be disciplined on spending, Patterson said.

The news is expected to be light on Monday so most traders expect the price action to be driven by the U.S. Dollar and appetite for risk.

The oil prices are looking to continue their slump this week as the growing output numbers continue to drive investors wary.

"The rapidly growing USA shale production is making it virtually impossible for prices to rise", according to analysts at Commerzbank.

On the production front and according to Baker Hughes, the United States rig count - an early indicator of future crude oil production - fell 4 to 796 in the week to last Friday, the first fall in seven weeks.

Energy Information Administration data shows that exports have averaged about 1.5 million barrels over the past six months, nearly double the level in the previous six months, with Asia being the biggest buyer. Some is related to position-squaring ahead of today's US consumer inflation report, which could also impact the dollar and future demand for crude oil.

Crude production from seven major USA shale plays is expected to see a climb of 131,000 barrels a day in April to 6.954 million barrels a day, according to a monthly report from the Energy Information Administration released Monday (http://www.marketwatch.com/story/us-shale-oil-output-forecast-to-climb-by-131000-barrels-a-day-in-april-eia-2018-03-12). "We think compliance is likely to slip".

However, it is still mandatory to link your welfare schemes with Aadhaar to get benefits under Article 7 before the deadline. The 2017 judgement on privacy was a huge win as it reiterated the fact that the right to privacy is a fundamental right.

The insurgent group has said it was prepared to negotiate, but only with the USA and not with the Kabul government. They said that while Afghan forces are getting better, the Taliban is likely to threaten Afghan stability in 2018.

The senior isn't afraid to shoot, and the Tigers will need to improve their perimeter defense to advance to the second round. Missouri forward Jordan Barnett could be in a lot of trouble just a few days before the NCAA Tournament begins.

Digital software purchases made from a PC or smart device will henceforth start downloading sooner than with the previous system. Settings made using this app will now be synced to the Nintendo Switch console even when it is in sleep mode.

Salma posted an image of the doll to her Instagram and wrote: '#fridakahlo never tried to be or look like anyone else . Hayek's not the only one questioning the doll, with Kahlo's own family calling for a redesign.

The U.S. duo of Daniel Cnossen and Kendall Gretsch, which had never won a race before, both claimed gold in the sitting event. The 17 goals are tied for the second-most scored by Canada since Hockey Canada took over the sledge hockey program in 2004.

At 11:17AM ET (15:17 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 60.97 points, or 0.39 percent, to 15,665.76. The president said he was nominating the CIA's deputy director, Gina Haspel, to take over for Pompeo at the intelligence agency.

If LDL cholesterol levels dropped consistently below 15 mg/dL, the patient was switched to placebo, again in a blinded fashion. However, Steg noted there may not have been enough events in each subcategory to show a definite difference.

And if they come to fruition, they could have some serious effects on the markets, specifically USA indices and the dollar yen. Chung expressed thanks for China's role at a meeting earlier with China's top diplomat, State Councillor Yang Jiechi .

Most liked

Apple is letting companies make 3.5mm to Lightning cables now
Unlike with Lightning receptacles, Apple does not allow the port to be used for passthrough charging or sync of an iOS device. The new cable would improve the user experience from an audio perspective and add more durability to the entire product.

Trump fires Tillerson, names Pompeo new secretary of state
President Donald Trump announced early Tuesday morning that he had ousted Rex Tillerson from his position as Secretary of State . More on this as it develops. "A great deal has been accomplished over the last 14 months, and I wish him and his family well".

Allen Robinson Set to Join Chicago Bears
Robinson, 24, had 48 catches for 548 yards and two touchdowns as a rookie before a knee injury ended his season after 10 games. After leading the National Football League with 31 catches of 20 or more yards in 2015, Robinson had just 11 in 2016.

'American Idol' ABC premiere draws 10.3 million viewers
Alyssa, a 15-year-old high school student Orlando, FL, sang "Almost Is Never Enough" by Ariana Grande featuring Nathan Sykes. She called this a "pinch me" kind of moment that ended with three "yes" votes and that shiny golden ticket to Hollywood.

S. Korea praises China's role in nudging N. Korea to talks
A South Korean spokesman said, "I feel they're approaching this matter with caution and they need time to organize their stance ". Some experts are concerned that North Korea could be seeking to delay global action while strengthening its nuclear program.

Hamill named as St Patrick's Festival Guest of Honour
Star Wars: The Last Jedi is all set to premiere on Digital HD starting March 13 and on 4K Ultra HD and Blu-ray on March 27. It looks a lot like what the documentaries looked like for Lord of The Rings - though probably not quite as long.